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OmiseGO (OMG) is one of the most interesting Cryptocurrency as it attempts to bring about a decentralized exchange with real-time asset-backed payment platform. The coin has seen its popularity rise in the past year and currently lies 3oth in terms of marketcap.
Crypto analysts tend to speak highly of the blockchain project with the specific nature of the coin a common reference. OmiseGO was created by Omise group with the basic aim of providing a quick decentralized payment solution for people in Asia.
OmiseGO (OMG) Has An Enviable List Of Backers
Omise is one of the largest online payment platforms in Asia and the creation of OmiseGO (OMG) was met with much hype and expectation. Furthermore, the project advisors are the highly influential Gavin Wood and Vitalik Buterin both co-founders of Ethereum.
One of its major goals is to reduce the dependence of Asians on the traditional banking system which has led the project to be dubbed as a decentralized bank. The coin performed well initially during the crypto boom but suffered a slump in value in 2018.
Despite this, OmiseGO (OMG) remains one of the stable coins and more research has been poured into the blockchain by its parent company Omise.
OmiseGO (OMG) Has Taken Steps To Increase Adoption
The coin is looking to reach out to regions in Asia where mobile banking is not popular and become a major player. Asia is one of the regions in the world most receptive to mobile banking with over about 30% of transactions executed via mobile devices.
The blockchain platform is looking to crack into this new phenomenon by making its wallet SDK white label. This allows developers easy access to develop more efficient payment applications. The coin also has an ambitious aim of reducing transaction costs for fiat to crypto exchanges.
This development has seen OmiseGO (OMG) well position as the closest coin for adoption in Asia after Bitcoin.
Partnership With Top Asian Financial Institutions
OmiseGO (OMG) has also entered partnerships with different payment services to deploy the coin as a means of payment on their platform. Its partnership with ShinhanCard in the first quarter of 2018 is beginning to reap gains for the coin.
In January OmiseGO showcased a cross border proof-of-concept developed to expand ShinCard Loyalty scheme across the world while increasing interoperability. This is the first of many developments expected with the partnership with Shinhan Financial Group.
Despite the current bearish Market, OmiseGO has shown so far that the hype behind the coin is worth it as it looks to rebound with a positive increase in value in 2019.